As of today, Lendingkart claims to have disbursed over 20,000 loans to more than 12,000 SMEs across 23 diverse sectors

Less than three months after raising US$10.5 million led by Singapore-based Sistema Asia Fund, Indian digital lending platform for small and medium businesses (SMEs), Lendingkart Finance, has secured INR 25 crore (approximately US$4 million) in cash credit facility from the State Bank of India (SBI), the largest public sector banking and financial services company in the country.

This new funds will be used towards growing the loan book. As Lendingkart expands its reach to over 950 cities across the country, these funds will come in handy to widen its offerings to SMEs country-wide, it said in a press note

As of today, Lendingkart claims to have disbursed over 20,000 loans to more than 12,000 SMEs across 23 diverse sectors.

Also Read: A 39-storey building is being auctioned off on Taobao for US$84M

“SBI’s rich experience and sound knowledge of the banking industry will enable us to bridge the gap between demand and supply of small business loans in the country. With the funds raised, we will further grow our loan books, expanding our reach to many more underserved SMEs,” said Harshvardhan Lunia, CEO and Co-founder of Lendingkart.

Lendingkart is a fintech startup in the working capital space. It has developed technology tools based on Big Data analytics that facilitates lenders to evaluate borrowers’ credit worthiness. Lendingkart Finance, a wholly-owned subsidiary of Lendingkart Group, is a non-deposit taking NBFC, offering small business loans for SMEs in India.

Lendingkart Finance uses technology and analytics tools, analysing thousands of data points from various data sources to assess the creditworthiness of small businesses. About 5,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability and compliance. Once the evaluation process is completed, the loan amount is disbursed to the deserving borrower within 72 hours from the time of application.

With offices in Ahmedabad, Bangalore and Mumbai, Lendingkart Finance has expanded its operations pan India and is present in over 950 cities across 29 states and seven Union Territories.

The firm in June raised US$7.8 million in debt funding from YES Bank, India’s 4th largest private sector bank.

 

The post SME financing platform Lendingkart lands another US$4M from public sector bank SBI appeared first on e27.